Greece to Hold Conference Call with EU, IMF

Posted September 18th, 2011 at 8:40 pm (UTC-5)
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Greek officials are to hold a crucial conference call Monday with officials from the European Union and International Monetary Fund, who are demanding to know how Greece will reform its economy.

Prime Minister George Papandreou canceled Sunday's planned trip to the United Nations in New York to chair a Cabinet meeting ahead of Monday's telephone call.

Finance Minister Evangelos Venizelos said after the meeting that the country must meet its budget targets and make strategic decisions to avoid default. But he did not announce any new measures.

Greece must satisfy EU and IMF demands for economic reforms and spending cuts if it is to get another vital installment of last year's $159 billion bailout.

Greece could completely run out of money by next month if it does not get the loan installment, threatening financial havoc throughout the EU.